Key Takeaways:
- XRP is stuck in a range after it corrected gains from $0.950.
- A crucial contracting triangle is forming with resistance near $0.760 on the 4-hour chart.
- The price could rally above $0.76 or drop further toward the $0.65 support.
NEW DELHI (CoinChapter.com) — Ripple’s XRP is below the $0.76 resistance. The price could start another surge toward $0.90 if the bulls keep protecting $0.70.
Ripple’s XRP Price Reaches Crucial Juncture
This past week, XRP price rallied after Ripple won the court case against the SEC. There was a close to 100% rally toward the $1.00 resistance against the US Dollar. It also dragged Bitcoin, Ethereum, and other altcoins higher.
However, the bears defended the $1.00 hurdle. A high was around $0.9445, and the price started a downside correction. There was a move below the $0.85 and $0.75 levels. The price even spiked below the 50% Fib retracement level of the upward move from the $0.4648 swing low to the $0.9445 high.
The Bulls are now defending the $0.70 support zone. The price is trading in a range and preparing for the next move. The recent pullback could be a corrective move and a cool-down period.
Listen to what Gary Gensler has to say about the recent ruling:
A much more docile Gary Gensler on crypto and the @ripple decision. pic.twitter.com/nbffD5O3aZ
— Digital Asset Investor.XRP (@digitalassetbuy) July 17, 2023
XRP price is still trading well above the $0.70 level and the 50 simple moving average (blue, 4 hours). A crucial contracting triangle is forming with resistance near $0.760 on the 4-hour chart. If there is a close above the triangle resistance, the price could start a fresh increase.
The next major resistance is near the $0.830 level. A close above the $0.830 resistance might resend the price toward the $0.90 level. Any more gains could soon open the doors for a move toward the $0.95 resistance.
More Losses?
Conversely, XRP might extend its decline below the triangle support. Immediate support sits near the $0.705 level. The next major support might be $0.70, below which there is a risk of a drop toward the $0.65 support.
The 61.8% Fib retracement level of the upward move from the $0.4648 swing low to the $0.9445 high and the 50 simple moving average (blue, 4 hours) are also close to $0.65. A close below $0.65 may perhaps start a major decline.
Overall, the XRP price trades in a range and prepares for the next key move. If the bulls keep protecting the $0.70 support, there could be a fresh surge toward $0.90. If not, the price might drop to $0.65.
